DOCSLIB.ORG

Stakeholder Feedback Received on Our September 2018 Delivery Pricing Consultation and Discussion Paper

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Stakeholder Feedback Received on Our September 2018 Delivery Pricing Consultation and Discussion Paper Stakeholder feedback received on our September 2018 Delivery pricing consultation and discussion paper Published 23 October 2018 Introduction This document brings together all of the feedback we received on our September 2018 consultation and discussion paper. It is ordered by the name of the party, as follows: Electric Kiwi Flick Genesis Energy Meridian Energy Powershop Further responses were received from Contact Energy and Powershop and marked as confidential, and are not presented here. 9 October 2018 Orion New Zealand Limited By email: [email protected] Dear Bruce Thank you for the opportunity to comment on the Orion pricing consultation paper for 2019/20. As we are a residential-based business, our comments are in relation to residential pricing only. Rather than commenting on each specific question, we provide our general views below. As you may be aware, Electric Kiwi provides a free hour of off-peak power to customers each day. This provides a sharp price signal for customers to shift consumption to off-peak periods of the day. This, in part, smooths out some of the network peaks as customers have the incentive to use non- essential electricity at off-peak times (e.g. the dishwasher, washing machine etc). As such, this has positive benefits for the distribution network as a whole. We have seen in practice that, because the customer knows they can save money at a predictable time, customers are keen to actively shift their load. Therefore, if there is a predictable price signal, customers will actively respond. We do not agree that the network-peak based pricing structure is achieving its intended purpose. Although the intention of the current network-peak based pricing regime is to incentivise customers to shift load to off-peak periods by charging an increased rate on actual observed peaks, in reality, the price signal is very difficult to pass directly back to residential customers. Residential customers are usually charged a per kWh rate. So the charge they pay is not directly attributable to their specific contribution to the network peak, especially since the peak charge is charged based on the retailer’s contribution to the network peak assessed on a retrospective basis (effectively due to washups). As the charge is not specific to each customer, nor is the feedback timely, the customer has little personal incentive to change the pattern of their consumption. As the charge is not directly charged on a per kWh basis, retailers are then required to forecast the network peak charge, which may be higher or lower, resulting in customers either being overcharged, or the retailer absorbing the cost. Because of this, we are supportive of TOU based pricing. This strikes the balance between encouraging customers to shift their load to off-peak times, while also being priced in a predictable manner. This allows retailers to package retail price plans in a way where the price signal can be passed onto the end consumer as it is kWh based in nature, while also achieving price differentiation between peak and off peak periods. In addition, this allows customers to be charged directly for their contribution to the network peak, and the feedback is timely because the customer can see what portion of their recent consumption was charged at the more expensive peak rate. As we have seen with the hour of power, if the customer receives a direct price signal, many customers will change their behaviour. As noted in your pricing consultation paper, TOU is not perfect, but it is a vast improvement on the current network-peak pricing structure. PO Box 106165, Auckland 1143, New Zealand NZBN: 9429041132524 | GST: 113618701 Overall, we are supportive of pricing initiatives that incentivise off-peak usage, to smooth out network peaks, leading to reduced costs of infrastructure, and in the long term, lower electricity bills for the end customer. However, the pricing structure needs to be formed in a way where the end-customer can experience a tangible and timely benefit of shifting their consumption. If you would like to discuss further, please contact me. Kind regards Cameron Fraser Financial Controller PO Box 106165, Auckland 1143, New Zealand NZBN: 9429041132524 | GST: 113618701 Orion Pricing and Consultation Feedback required 5pm on Friday 12 October. Please provide views on how existing Unfortunately Flick has no view as to how this controlled storage heating loads can be can be accommodated, given GXP based accommodated under a static TOU pricing pricing. Under ICP based pricing separate plan load groups could be utilised with different pricing. For any discretionary load that customers Most static TOU plans across other network might elect to shift in response to a static areas spread the costs throughout the year TOU pricing plan, please provide comments into peak, off peak and shoulder enabling on the options we have provided to spread customers to respond at the various differing the load response, or any alternatives you price levels inline with tolerances. This form might identify. of TOU pricing is understandable, actionable and should spread load. Passing on Orion’s costs is ultimately up to the retailers and they will likely rebundle anything that is too complex or unpalatable into another form meaning that any Orion signal is lost. For customers with PV, please provide your See first note controlled storage heating. views or suggestions on how we might mitigate the inappropriate reward these customers receive under a static TOU pricing plan. For customers with battery storage, please See first note controlled storage heating. provide your views or suggestions on how we might mitigate the inappropriate reward these customers receive under a static TOU pricing plan. For static TOU pricing plans, please provide Applying all the cost of the peak loadings your views or suggestions on how we might across a short period of time will likely mean align the fixed peak price times with our that peak pricing is very high. As ultimately weather dependent peak loadings, avoiding passing on Orion’s costs is up to the retailers off-peak and shoulder prices applying at they will likely rebundle anything that is too times of high load, and avoiding peak prices complex or unpalatable into another form applying at times of low load. meaning that Orion’s signal is lost. Most static TOU plans across other network areas do spread the costs throughout the year, these are understandable and actionable despite there being an element of subsidisation. The Electricity Authority has confirmed that a Flick believes that the key drivers that make daily capacity charge ranging from 70 cents pricing acceptable to customers is that it is per day up to $3 per day for different size easily explainable and that can be connections would comply with the LFC transparently passed through to the regulations. In your view, would this be customers bill. The pricing should be accepted by your customers while the LFC acceptable by the customer if the proposed regulations remain in place? prices are a fair representation of the cost to supply the customer. Please provide your views on our proposed Flick is not opposed to the proposal to implementation of a universal 15c/day fixed introduce a 15c/ day fixed charge for the GEN charge for ICPs in our general connection connection. category. As we offer Low and Standard User plans with fixed charges (including a portion that has been converted from the peak demand) we will need to rebalance the tariffs to ensure they balance at 9000kWh. As noted customers with a higher consumption will be an initial beneficiary of this move. Please provide your views on our proposal to No comment further broaden the range where customers can elect to switch between our general and major customer category Please provide feedback on our proposal to No comment integrate half hour metering within the management and application of our irrigation interruptibility rebate. We also seek your feedback on your ability to provide this information in EIEP3 format in situations where it originates from advanced meters. Please let us know if you have any concerns No comment with ending our generation credits arrangement. Please let us know if you have any concerns This is common in most areas of business. with the proposed addition of charges for This proposal should encourage retailers to notices when charges are not paid. pay on time and ensure that the behaviour is not repeated. We are aware that some retailer’s systems do No comment not support major customer pricing, and a widening of the eligibility may pose a problem for them, particularly if it applies to existing customers of those retailers. We would welcome any feedback on how we might deal with this. 12th October 2018 The Genesis Energy Building 660 Great South Road PO Box 17-188 Orion New Zealand Limited Greenlane PO Box 13896 Auckland 1051 Christchurch, 8141 New Zealand By email: [email protected] DX Box CX10034 Genesis Energy Limited Telephone: 09 580 2094 Dear Bruce Re: Orion Delivery Pricing Consultation Paper Thank you for the opportunity to provide input into Orion’s pricing consultation and discussion paper. Our aim is to provide our customers with comfort, control, and convenience. This includes managing risk and complexity. Orion has identified some reasons why Static TOU pricing may not be perfect from a Distributor’s perspective, but this needs to be balanced by the complexities and customer appetite for dynamic pricing. We believe that a static TOU pricing methodology provides a balanced solution to the complex problem of cost reflective network pricing which is understood by customers and can be effectively implemented. 1. Please provide views on how existing controlled storage heating loads can be accommodated under a static TOU pricing plan Orion has shown that load management is beneficial in its current format despite, in most cases, the GEN network price signal not being directly passed through to the end user.
Load more

Recommended publications
  • Download PDF
    Table of Contents Executive summary ............................................................................................... 2 What Auckland consumers have to say about electricity retail issues ........................... 3 The EAP has not fully met the requirements of the terms of reference ......................... 4 The big-5 incumbent retailers are to blame for residential price increases .................... 5 Sweet-heart deals with Tiwai Smelter are keeping prices artificially high ...................... 6 Stronger wholesale and retail competition needed to make electricity more affordable ... 8 Saves & Winbacks is making the two-tier retail market problem worse ...................... 11 Late payment penalties disadvantage vulnerable Kiwis unable to pay on time ............. 14 Prepayment arrangements exploit vulnerable consumers ......................................... 18 There are questions about compliance with the Vulnerable Consumer Guidelines and the objectives of the Guidelines .................................................................................. 19 Concluding remarks and recommendations ............................................................. 20 Appendix 1: Price increases over the last 18-years largely driven by retail (energy) .... 22 Appendix 2: Manipulation of pricing data can make it look like lines are to blame ........ 27 Appendix 3: The electricity retail and generation markets are highly “concentrated” .... 30 Appendix 4: Retail competition improvements driven by the last inquiry reforms
    [Show full text]
  • Statement of Preliminary Issues – 17 August 2021
    ISBN 978-1-869459-13-0 Statement of Preliminary Issues Mercury NZ Limited / Trustpower Limited’s retail business 17 August 2021 Introduction 1. On 3 August 2021, we registered an application from Mercury NZ Limited (Mercury) seeking clearance to acquire Trustpower Limited’s (Trustpower) retail business (the Proposed Acquisition). 1 2. The Commission will give clearance if it is satisfied that the Proposed Acquisition will not have, or would not be likely to have, the effect of substantially lessening competition in a market in New Zealand. 3. This statement of preliminary issues sets out the issues we currently consider to be important in deciding whether or not to grant clearance. 2 4. As set out in the Framework section below, our assessment of the Proposed Acquisition is limited to the impact of the transaction on competition in New Zealand markets. Except to the extent it is relevant to the Proposed Acquisition, our clearance process does not involve assessment of the competitive workability of the relevant markets in general. 5. We invite interested parties to provide comments on the likely competitive effects of the Proposed Acquisition. We request that parties who wish to make a submission do so by close of business on 31 August 2021 . The parties and the Proposed Acquisition 6. Mercury and Trustpower both generate electricity and sell electricity to a range of customers and are two of the five traditional ‘gentailers’ that operate in New Zealand.3 In addition to electricity, Mercury and Trustpower also supply, to varying degrees, other utility services such as gas and broadband.
    [Show full text]
  • Disclosure of Contracts
    Disclosure of Contracts Updated as at 12/3/2021 Standard Contracts The below retailers are currently approved to trade on the Northpower network under the Default Distributor Agreement. There are no retailers on alternate agreements. Retailer Contract Type Effective Date Contact Energy Limited DDA 4 March 2021 Ecotricity Limited Partnership DDA 4 March 2021 Electric Kiwi Limited DDA 4 March 2021 Flick Electric Limited DDA 4 March 2021 ForOurGood Limited DDA 4 March 2021 Genesis Energy Limited DDA 4 March 2021 Meridian Energy Limited DDA 4 March 2021 Mercury NZ Limited DDA 4 March 2021 Nova Energy Limited DDA 4 March 2021 Pioneer Energy Limited DDA 4 March 2021 Platinum Power Retail Limited DDA 4 March 2021 Plus Energy Limited DDA 4 March 2021 Power Edge Limited DDA 4 March 2021 Powershop New Zealand Limited DDA 4 March 2021 Prime Energy Limited DDA 4 March 2021 Pulse Energy Alliance LP DDA 4 March 2021 Simply Energy Limited DDA 4 March 2021 Switch Utilities Limited DDA 4 March 2021 Trustpower Limited DDA 4 March 2021 Yes Power Limited DDA 4 March 2021 Non Standard Contracts We have 1 customer who contracts directly with Northpower for electricity distribution services. The key terms of the contracts relating to that customer are outlined below: Contr Date of Services Quantity of Capacity Voltage Payment timing Security for act contract provided services payment #1 January 2004 Line Services 2 dedicated HV 50,000 kVA 33 kV 20th of month Disconnection feeders and HV (N-1) following end of switchgear each month #2 January 2014 Additional 2 dedicated HV 25,000 kVA 33 kV 20th of month Disconnection Assets feeders and HV (N-1) following end of switchgear each month In the event that supply is interrupted to this customer the Distributor is required to resume the conveyance of electricity as soon as reasonably practicable.
    [Show full text]
  • Solar Pv and Batteries in New Zealand – Consumer Centric Electricity
    SOLAR PV AND BATTERIES IN NEW ZEALAND – CONSUMER CENTRIC ELECTRICITY November 2016 ITP Renewables Australia Benefits of Distributed PV in NZ- Draft Report About IT Power The IT Power Group, formed in 1981, is a specialist renewable energy, energy efficiency and carbon markets consulting company. The group has offices and projects throughout the world. IT Power (Australia) Pty Ltd (ITP) was established in 2003 and has undertaken a wide range of projects, including designing grid-connected renewable power systems, providing advice for government policy, feasibility studies for large, off-grid power systems, developing micro-finance models for community-owned power systems in developing countries and modelling large-scale power systems for industrial use. The staff at ITP have backgrounds in renewable energy and energy efficiency, research, development and implementation, managing and reviewing government incentive programs, high level policy analysis and research, including carbon markets, engineering design and project management. ITP/A0215 – November 2016 Benefits of Distributed PV in NZ – Draft Report Document Control Record Document prepared by: IT Power (Australia) Pty Limited Level 1, 19-23 Moore St, Turner, ACT, 2612, Australia PO Box 6127, O’Connor, ACT, 2602, Australia Tel. +61 2 6257 3511 Fax. +61 2 6257 3611 E-mail: [email protected] http://www.itpau.com.au Document Control Proposal title Benefits of Distributed PV in NZ Client RFP No. NA ITP Project Number A0215 Client SEANZ Client Contact Brendan Winitana Rev Date Status Author/s Project Manager Approved Rob Passey, Annie Ngo, Muriel Watt, 1 4 Nov 2016 Draft Rob Passey Muriel Watt Graham Henricksen 2 11 Nov 2016 Final Rob Passey, Annie Ngo, Muriel Watt, Muriel Watt Rob Passey Graham Henricksen A person or organisation choosing to use documents prepared by IT Power (Australia) Pty Ltd accepts the following: a) Conclusions and figures presented in draft documents are subject to change.
    [Show full text]
  • FY20 Full Year Results Presentation 20 August 2020
    FY20 Full Year Results Presentation 20 August 2020 Marc England – CHIEF EXECUTIVE OFFICER Chris Jewell – CHIEF FINANCIAL OFFICER GENESIS ENERGY LIMITED AGENDA 1 Year in Review 2 Financial Performance and Guidance 3 Strategy Update and Outlook 4 Supplementary Information Genesis Energy Limited FY20 Full Year Result Presentation 2. 1. Year in Review GENESIS ENERGY LIMITED Results at a glance 1 EBITDAF m Retail $ ➢ Genesis’ residential gross customer churn down 3.5 ppt to 24.1% and net churn down 1.6 ppt to 14.8% ➢ Continued Retail momentum - netbacks up in all fuels, Electricity up 7%, Gas up 10% and LPG up 10% ➢ Customers choosing to purchase more than 1 fuel grew to over 121,000, up 3% NPAT m $ ➢ Over 77% of customers now choosing to interact digitally ➢ Launch of new customer Care Package for those most vulnerable post-COVID-19 Final dividend Wholesale cps ➢ 2nd lowest January to June North Island inflow sequence in 95 years, hydro generation down 20% to 491 GWh . Gross ➢ Thermal generation up 12%, fuel portfolio costs up 20% yield of ➢ Average FY20 thermal fuel cost up 7% but has commenced a decline and is down 3% on HY20 to $79/MWh % ➢ Our adaptive flexible generation and fuels portfolio defended low hydrology and high fuel cost impacts ➢ Tekapo upgrades successfully completed and its intake gate capital project reached the half-way point As at 18 August 2020 Operating expenses Kupe down $1m m $ ➢ Field production down 10% due to planned November 30-day outage and February perforation project Finance ➢ Well perforation project completed successfully.
    [Show full text]
  • Energy Complaints Scheme – Accepted Deadlocked Complaints Report for the Period 1 April 2020 - 31 March 2021
    Energy Complaints Scheme – accepted deadlocked complaints report for the period 1 April 2020 - 31 March 2021 Accepted deadlocked complaints The tables below show the number of deadlocked complaints that were accepted for consideration, and the relevant provider. Not all providers in the Energy Complaints Scheme had an accepted deadlocked complaint in this period. A full provider list is available on our website: www.utilitiesdisputes.co.nz The tables also show each providers’ market share, which is calculated by the number of installation control points (ICPs) or equivalent. Total ICPs (or equivalent) were calculated on 28 February 2021 from ICPs on the electricity and gas registries, and customer numbers obtained from providers. Distributors Distributor Accepted Share of Total ICPs Market share deadlocked accepted (or of ICPs (or complaints deadlocked equivalent) equivalent) complaints Alpine Energy 1 1.8% 33,113 1.3% Aurora Energy 7 12.7% 92,584 3.7% Counties Power 2 3.6% 44,978 1.8% Electra 1 1.8% 45,697 1.8% ElectroNet Services * 1 1.8% 0 0.0% Horizon Networks 1 1.8% 24,940 1.0% MainPower 1 1.8% 41,494 1.6% Northpower 3 5.5% 60,326 2.4% Orion 1 1.8% 208,259 8.2% Powerco 6 10.9% 447,295 17.7% The Lines Company (TLC) 3 5.5% 23,716 0.9% Top Energy 4 7.3% 33,049 1.3% Unison 4 7.3% 113,586 4.5% Vector 17 30.9% 699,786 27.7% WEL Networks 3 5.5% 95,851 3.8% Total 55 100% 1,964,674 77.8% Total ICPs (or equivalent) for all electricity and gas distributors: 2,524,362 Key: *Subsidiary of Westpower.
    [Show full text]
  • Energy Complaints Scheme – Accepted Deadlock Complaints 1
    Energy Complaints Scheme – accepted deadlock complaints 1 April 2018 - 31 March 2019 The tables below show the number of deadlock complaints about distributors and retail brands that were accepted for consideration. The number of accepted deadlock complaints is expressed as a share of the total number of accepted deadlock complaints. The tables also show providers’ market share, which is calculated by the number of installation control points, or ICPs. Distributor Number of Share of Total ICPs (or Market accepted accepted equivalent) share of ICPs deadlock deadlock (or complaints complaints equivalent) Aurora Energy 9 10.8% 90,262 3.7% Counties Power 5 6.0% 42,799 1.8% Electra 2 2.4% 44,908 1.8% Horizon Energy 2 2.4% 24,672 1.0% MainPower NZ 1 1.2% 39,919 1.6% Network Tasman 1 1.2% 40,023 1.6% Northpower 3 3.6% 58,772 2.4% Powerco 9 10.8% 436,652 17.9% The Lines Company (TLC) 19 22.9% 23,551 1.0% Top Energy 3 3.6% 32,330 1.3% Unison Networks 6 7.2% 111,577 4.6% Vector 20 24.1% 675,857 27.8% WEL Networks 1 1.2% 92,400 3.8% Wellington Electricity (WE*) 2 2.4% 168,122 6.9% Total 83 100% 2,434,488 † 77.3% 4 July 2019 © Utilities Disputes Page 1 of 2 Retail brand Number of Share of Total ICPs (or Market accepted accepted equivalent) share of ICPs deadlock deadlock (or complaints complaints equivalent) Contact 11 8.3% 478,525 18.3% Ecotricity 5 3.8% 5,640 0.2% Electric Kiwi 4 3.0% 36,132 1.4% Elgas 7 5.3% 31,314 1.2% Energy Online 3 2.3% 106,576 4.1% Flick Electric Co 4 3.0% 20,702 0.8% Genesis Energy * 20 15.0% 566,276 21.6% GLOBUG 4 3.0%
    [Show full text]
  • THE GENESIS ENERGY SHARE OFFER PROSPECTUS DATED 13 MARCH 2014 Important Information
    THE GENESIS ENERGY THE SHARE OFFER GENESIS ENERGY PROSPECTUS DATED 13 MARCH 2014 DATED PROSPECTUS SHARE OFFER INITIAL PUBLIC OFFERING OF ORDINARY SHARES IN GENESIS ENERGY LIMITED PROSPECTUS DATED 13 MARCH 2014 we’re in it for you IMPORTANT INFORMATION IMPORTANT NOTICE —the signed consent of the Auditor to the audit report Genesis Energy, their respective offi cers, the directors This document (“Prospectus”) relates to the Off er by appearing in this Prospectus; of Genesis Energy or any other person referred to in this the Crown of ordinary shares in Genesis Energy Limited. —the signed consent of Ernst & Young Transaction Prospectus with respect to the achievement of the results A description of the Off er and the Shares is set out in Advisory Services Limited to the investigating set out in any such statement, or that the underlying Section 7.1 Details of the Off er. accountant’s report appearing in this Prospectus; assumptions used will in fact be realised. —the signed consent of Beca Limited to the This document is a prospectus for the purposes of the independent engineer’s report appearing in SUPPLEMENTARY DISCLOSURE AND Securities Act and the Securities Regulations and is this Prospectus; WITHDRAWAL RIGHT prepared as at, and dated, 13 March 2014. —the signed consent of Gaff ney, Cline & Associates If any signifi cant adverse developments occur This Prospectus is an important document and should be (Consultants) Pte Limited to the independent expert’s prior to the Allotment Date, the Crown and Genesis read carefully before deciding whether or not to invest in report appearing in this Prospectus; Energy may advise investors of those developments Genesis Energy.
    [Show full text]
  • Genesis Energy Limited (GNE) – Hedge Contract Agreed with Meridian Energy
    MARKET RELEASE Date: 8 July 2014 Release: Immediate Genesis Energy Limited (GNE) – hedge contract agreed with Meridian Energy Genesis Energy has signed a “swaption” electricity hedge contract to provide dry year cover for Meridian Energy for four years from 1 January 2015. The 150MW swaption follows on from the existing 200MW swaption between Genesis Energy and Meridian Energy which expires in October 2014. The new four-year agreement has a provision to terminate after the first two years in the event Meridian’s contract with NZ Aluminium Smelters sees a reduction in volume. The structure of the new agreement allows for 100MW to be available year round, with an additional 50MW available from 1 April to 30 October in each year of the contract. Genesis Energy’s prospective financial information (PFI) was prepared on the assumption that the existing 200MW swaption would not be replaced with a similar instrument. The new agreement is therefore expected to have a positive impact on Genesis Energy’s FY2015 PFI. Genesis Energy’s Chief Executive, Albert Brantley, said the agreement provides a useful independent revenue stream and enables enhanced economic utilisation of its diverse portfolio of hydro and thermal power generation located in both the North and South Islands of New Zealand. ENDS For media enquiries, please contact: Richard Gordon Public Affairs Manager Genesis Energy P: 09 951 9280 M: 021 681 305 For investor relations enquiries, please contact: Rodney Deacon Investor Relations Manager Genesis Energy P: 09 571 4970 M: 021 631 074 About Genesis Energy Genesis Energy (NZX: GNE) is a diversified New Zealand energy company.
    [Show full text]
  • Contracts Disclosure 2019 9/07/2019 1 2
    Disclosure of Contracts relevant to Northpower’s Electricity Lines Business Updated 9 July 2019 This disclosure is made in accordance with clauses 2.4.9 to 2.4.17 of the Electricity Distribution Information Disclosure Determination 2012 (EDIDD 2012) published by the Commerce Commission which requires Northpower to publicly disclose “Prescribed Terms & Conditions” of Northpower’s standard and non- standard contracts relating to the supply of Electricity Lines Services. Contracts with Electricity Retailers Northpower’s contractual arrangement for the provision of Lines Services to most end-use consumers connected to the Northpower network is on an interposed basis. The electricity retailers are “interposed” between Northpower and the end-use consumers, meaning that Northpower has contracts with the electricity retailers and the electricity retailers have individual contracts with the end-use consumers. Table 1 following lists the electricity retailers who have contracts with Northpower for line services to supply consumers on the Northpower network and, for completeness, some additional details. Table 1: Electricity Retailers who have contracts with Northpower for line services (Listed in alphabetical order) Retailer Services provided Basis of contract Contract date Body Corporate Power Lines services Model Use of System July 2018 Limited Agreement 2012 Contact Energy Limited Lines services Model Use of System January 2008 Agreement 2005 Ecotricity Limited Lines services Model Use of System September 2015 Agreement 2005 Electric Kiwi Limited
    [Show full text]
  • GENESIS ENERGY Annual Report 2017 CONTENTS
    GENESIS ENERGY annual report 2017 CONTENTS Genesis – putting control in 2017 in your hands. 2 Chair and CEO joint letter 5 Strategy dashboard 8 Four key projects 10 For our customers 14 Generation for New Zealand 18 For our community and environment 20 Caring for our people 22 Your executive team 26 Your Board of directors At Genesis our purpose is to 28 Governance reimagine energy to put control highlights in our customers’ hands. We will 30 Financial deliver this through new products, statements new services and new ways of 32 Independent RESIDENTIAL CUSTOMER engaging with energy. Auditor’s report 70 Our objective is to give customers Rachel Foster Corporate the convenience, control and To learn more about her governance and experience with Genesis go to disclosures comfort they want in their lives. yearinreview.genesisenergy.co.nz 74 1 GENESIS IN 2017 acquisitions – here are 1 AT A GLANCE $ the highlights. kupe production FY17 9.3 PJ m renewable generation FY17 FY17 EBITDAF 3,154 GWh $ BUSINESS CUSTOMER m FY16 335m Zhen Hua Yang Fruitworld, Greenlane Auckland $ customers linked since joining in m May 2017 net profit after tax FY16 $184m digital interactions total dividend cps FY16 16.4c $ 820 92 employees schools in across eight the Schoolgen b locations programme revenue FY16 $2b products per $ $ customer 47m 48m capital spending FY17 tax payable3 %total shareholders total customers2 $ return 599 225m Whio (Blue Duck) successful issue pairs increased of hybrid bonds from 533 in 2015 to investors 25% electricity market share 38% gas market share 19% LPG market share 1 Before working capital and accounting wash-up adjustments.
    [Show full text]
  • The GENESIS Energy Share Offer Investment Statement Dated 13 March 2014 the GENESIS Energy Share Offer
    THE GENESIS ENERGY THE GENESIS ENERGY THE SHARE OFFER GENESIS ENERGY INVESTMENT STATEMENT DATED 13 MARCH 2014 DATED STATEMENT INVESTMENT SHARE OFFER INITIAL PUBLIC OFFERING OF ORDINARY SHARES IN GENESIS ENERGY LIMITED INVESTMENT STATEMENT DATED 13 MARCH 2014 we’re in it for you IMPORTANT INFORMATION (THE INFORMATION IN THIS SECTION IS REQUIRED Securities Act and Securities Regulations, as modifi ed Given these uncertainties, you are cautioned not to UNDER THE SECURITIES ACT 1978.) by the Securities Act (Genesis Energy Limited Crown place undue reliance on any forward looking statements share off er) Exemption Notice 2014. There is a registered contained in this Investment Statement. Under no Investment decisions are very important. They often have prospectus containing an off er of securities to which this circumstances should you regard the inclusion of forward long-term consequences. Read all documents carefully. Investment Statement relates. looking statements as a representation or warranty by Ask questions. Seek advice before committing yourself. This Investment Statement is an important document and the Crown, Genesis Energy, their respective offi cers, the In addition to the information in this document, important should be read carefully before deciding whether or not directors of Genesis Energy or any other person referred information can be found in the current registered to invest in Genesis Energy. to in this Investment Statement with respect to the achievement of the results set out in any such statement, prospectus for the investment. You are entitled to No one is authorised by the directors of Genesis Energy or that the underlying assumptions used will in fact a copy of that prospectus on request.
    [Show full text]